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Coevolution in economic systems plays a key role in the dynamics of contemporary societies.Coevolution operates when, considering several evolving realms within a socioeconomic system, these realms mutually shape their respective innovation, replication and/or selection...
This Element provides a detailed analysis of official finances from China to Africa with special attention to the question of Africa's foreign finances policy. The findings reveal that Africa has an infrastructure gap and Chinese finances are largely used to fund...
A century ago Frederick Lanchester formulated a mathematical model of combat which suggested that the combat power of a military force was proportional to the product of the individual effectiveness of the units in the force and the square of the number of units...
The six monarchies on the Arabian Peninsula have devoted enormous sums to defense in past decades. Nevertheless, the gap between their expensive armaments and their capacity to deter aggression and/or project military strength has narrowed but little in that time. This...
Countries with smaller governments grow faster.Tobacco taxes are the best way to cut smoking. Government regulation discourages entrepreneurship.Award-winning investigative journalist Tom Bergin digs into eight mantras widely accepted by Western governments and, by...
Property rights are the rules governing ownership in society. This Element offers an analytical framework to understand the origins and consequences of property rights. It conceptualizes of the political economy of property rights as a concern with the follow questions:...
This Element focuses on Latin American fossil fuel producer countries and how they are dealing with the transition towards a greener energy matrix. The challenges involved are multiple and ethical in substance. In particular, a worldwide expansion in clean energies...
This Element introduces students, policy-makers, politicians, governments and business-people to this new discipline within economics. It presents the recent history of the subject and its range of coverage. Traditional topics covered include models of arms races,...
'A powerfully disruptive book for disrupted times ... If you're looking for transformative ideas, this book is for you.' KATE RAWORTH, economist and author of Doughnut EconomicsA Financial Times Book of the Year______________________________________Our planet is in...
This Element provides a detailed overview of the structural changes in the Asia-Pacific region from the early 2000s onwards. It reviews the most relevant literature on this important topic. The following two research areas are explored: first, by deploying visual...
Since Meese and Rogoff (1983) results showed that no model could outperform a random walk in predicting exchange rates. Many papers have tried to find a forecasting methodology that could beat the random walk, at least for certain forecasting periods. This Element...
Increasingly, economists realize that a deeper understanding of culture can improve their insights into the most important questions in economics. The Austrian school of political economy, which has always taken economics to be a science of meaning, and therefore, a...
The primary focus of this Element is to understand the rise of smart 'social' infrastructures in BoP emerging markets like India. It has been observed that new focus areas and frontiers of global economy are taking shape where social and environmental outcomes along...
This Element surveys the field of defense, peace, and war economics with particular emphasis on the contributions made by Austrian economists. I first review treatments of defense, peace, and war by the classical economists. I then discuss the rise of a distinct and...
This Element examines the historical emergence of evolutionary economics, its development into a strong research theme after 1980, and how it has hosted a diverse set of approaches. Its focus on complexity, economic dynamics and bounded rationality is underlined. Its...
'It is going to change the way in which we understand many modern debates about economics, politics, and society' Ha Joon Chang, author of 23 Things They Don't Tell You About CapitalismOver the past fifty years, the way we value what is 'good' and 'right' has changed...
Economists commit a category mistake when they treat democratic governments as indebted. Monarchs can be indebted, as can individuals. In contrast, democracies can't truly be indebted. They are financial intermediaries that form a bridge between what are often willing...
**THE SUNDAY TIMES BESTSELLER**Yanis Varoufakis, world renowned economist, writes to his daughter to teach her the hazards of capitalism.'Why is there so much inequality?' asked Xenia to her father. Answering her questions in a series of accessible and tender letters,...
This Element presents a new framework for Austrian capital theory, starting from the notion that capital is value. Capital is the value attributed by the valuer at any moment in time to the combination of production-goods and labor available for production. Capital is...
In 1776 Adam Smith (1723-90) wrote The Wealth of Nations , a book so foundational it has led to him being called the 'father of economics'. Today he is associated with the promotion of self-interest, a defence of greed and a criticism of any governmental 'interference'...
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